Home / Knowledge / News / Textiles / Textured Jersey reports 46% surge in Q4FY15 net profit
Textured Jersey reports 46% surge in Q4FY15 net profit
01
May '15
Net profit hit a record level in fiscal 2015 driven by a 46 per cent surge in net profit at Sri Lanka based, Textured Jersey Lanka for the fourth fiscal quarter ended March 31, 2015.

In a press release, Textured Jersey said its net profit for the fourth quarter of fiscal 2015 zoomed 46 per cent from the fourth quarter of fiscal 2014 to Rs 512 million.

Resultantly in fiscal 2015, Textured Jersey recorded its highest ever annual net profit at Rs 1.3 billion, an increase of 16 per cent year on year.

According to chairman Bill Lam, the strong quarterly performance enabled the company conclude the year with a record profit despite the slowdown in sales experienced in the early part of the year.

For the quarter under review, it posted sales of Rs 3.8 billion, also up 16 per cent from the prior fiscal fourth quarter, mainly due to demand from its main customers getting back on track.

In addition, recently added capacity enabled the company to optimise capacity utilisation and product mix to achieve fourth quarter gross profit margin of 15 per cent as against 12 per cent in same quarter of last fiscal.

This in turn also allowed the company to increase its gross profit by 45 per cent to Rs 583 million for the reporting quarter and drive its fiscal 2015 gross profit to Rs 1.6 billion, up 11 per cent year over year.

Textured Jersey continued to maintain its near debt-free balance sheet as at 31st March 2015, with a net cash position of Rs. 1.9 billion.

Additionally, lower interest rates, combined with a marginally lower cash position versus the fourth quarter of fiscal 2014, led to net finance income dropping to Rs. 14 million in the fourth quarter of fiscal 2015.

Net finance income for fiscal ended March 31, 2015 touched Rs 58 million, down a massive 36 per cent, when compared to the previous fiscal.

Commenting on fiscal 2016, Bill Lam stated that the recently enhanced capacity and strategic investments coming into fruition will place the company on a solid growth platform.

Lam added by saying that the prospects of GSP+ being reinstated in the future would further augment current momentum. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Top 15 US fashion brands are collectively worth $70 bn

Fashion | On 22nd Jul 2018

Top 15 US fashion brands are collectively worth $70 bn

The top 15 American fashion brands are collectively worth close to...

Courtesy: Covestro

Textiles | On 22nd Jul 2018

Covestro's new products for waterproof textile coating

Covestro, which is among the largest polymer companies, has unveiled...

Evogene, IMAmt to work together in insect resistance

Textiles | On 22nd Jul 2018

Evogene, IMAmt to work together in insect resistance

Evogene, a leading biotechnology company developing novel products...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search